Business Journal: More Home Buyers Making Offers
Fewer homes are on the market, and less of those homes are because of foreclosure actions by banks and mortgage lenders.
Thursday, May 15, 2008
Finally, some good news about the housing market in the Sacramento region. Fewer homes are available and more home-shoppers are starting to make offers in the four-county region, providing a little hope for the hard-hit housing market. Existing home sales increased 28 percent in April compared to March, and 40 percent more than a year ago, according to a Trendgraphix report released Wednesday. In addition, the number of homes on the market dropped 11 percent from a year ago. But the median home price continue to drop from a year ago, likely causing more home-shoppers to make offers. And in another report released Wednesday, Sacramento dropped as one of the nation’s top 10 cities for foreclosure rates in April, falling to No. 12. The region had the fifth-highest rate in the nation during the first three months of the year. But six California cities were in the top 10, including Stockton at No. 2.